[142 Pages Report] Marine Coatings Market size was valued at USD 3.19 Billion in 2016 and is projected to reach USD 3.93 Billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. The base year that has been considered for the study of the marine coatings market is 2016 while the forecast period is from 2017 to 2022.

The objectives of the report are as follows:

To estimate and forecast the size of the marine coatings market, in terms of value and volume

To define, describe, and forecast the size of the marine coatings market based on resin, product type, application, and region

To forecast the size of the marine coatings market with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa, along with their respective key countries

To provide detailed information regarding the major factors such as drivers, opportunities, and challenges influencing the growth of the marine coatings market

To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the overall marine coatings market

To analyze opportunities in the marine coatings market for stakeholders and provide a competitive landscape of the market leaders

To track and analyze recent developments such as new product launches, expansions, partnerships, and acquisitions undertaken in the marine coatings market

To strategically profile the key players in the marine coatings market and comprehensively analyze their core competencies

Both, top-down and bottom-up approaches have been utilized to estimate and project the size of the marine coatings market during the forecast period. The size of the marine coatings market has been calculated, and weightages have been assigned to various market segments. This has been performed based on the extensive primary interviews and secondary research of the information available on websites of various associations such as the American Coatings Association, the Society for Protective Coatings, and the Canadian Paints and Coatings Association. Primary research that has been carried out included extensive interviews with key personnel such as chief executive officers, vice presidents, directors, and executives of the leading players operating in the marine coatings market. After arriving at the overall market size, the total market has been split into several segments and subsegments. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary respondents has been depicted in the figure below.

The marine coatings market is projected to grow from USD 3.31 Billion in 2017 to USD 3.93 Billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. The increase in the overall international trade has resulted in the increased use of sea routes for carrying out trade activities across the globe. This has led to rise in the number of bulk carriers, container ships, and general cargo ships being manufactured across the globe, thereby widening the scope of the marine coatings market. In addition, the increasing demand for marine coatings from emerging economies such as China and South Korea is expected to fuel the growth of the marine coatings market across the globe.

The marine coatings market has been segmented based on resin, product type, application, and region. Among resins, the epoxy segment is expected to lead the marine coatings market during the forecast period, in terms of value. The growth of this segment of the market can be attributed to the outstanding chemical and water resistance offered by epoxy marine coatings. Moreover, these coatings are also extremely durable and have excellent adhesion to a variety of substrates.

Based on product type, the marine coatings market has been segmented into anti-corrosion coatings, antifouling coatings, and others. The antifouling coatings segment of the market is projected to grow at the highest CAGR between 2017 and 2022, in terms of value. The growth of the antifouling coatings segment of the marine coatings market can be attributed to the capability of these coatings to reduce the growth of organisms on the underwater hull of the marine vessels. These antifouling coatings also help in reducing the fuel consumption by marine vessels, which subsequently results in reducing harmful emissions.

Based on application, the marine coatings market has been classified into cargo ships, passenger ships, boats, and others. The passenger ships segment of the marine coatings market is projected to grow at the highest CAGR between 2017 and 2022, in terms of value. The growing coastal and maritime tourism across the globe is contributing significantly to the growth of the shipping industry in the North American and European regions.

The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is the largest market for marine coatings and is expected to continue leading the market till 2022. The growth of the Asia Pacific marine coatings market can be attributed to the recognition of countries such as China, Japan, South Korea, India, Vietnam, and Indonesia as ship manufacturing hubs.

The requirement of making significant investments in R&D activities for developing new marine coatings due to the ongoing developments and modifications in technologies employed for manufacturing marine coatings make the entry of new players in the market difficult. Fluctuating prices of raw materials adversely impact the overall cost of production incurred by the manufacturers of marine coatings. Increasing environmental regulations also pose a challenge for the growth of the marine coatings market across the globe.

New product launches and expansions have been the major developmental strategies adopted by the key players operating in the marine coatings market between 2013 and 2017. Companies such as PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), have adopted these strategies to enhance their product offerings and customer base as well as gain a competitive edge over their peers in the market. These companies are also focusing on investing in R&D activities to introduce new and cost-effective materials to keep up with the changing consumer needs.

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